Eircom tonight look to have rejected a late bid from the Denis O’Brien-led eIsland consortium, despite it being five euro cents per share higher than that tabled by Valentia, chaired by Sir Anthony O'Reilly.
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Mr Denis O'Brien
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The board of the former state-run company are understood to have decided that a vital 35 per cent stake held in Eircom by KPN and Telia, left them legally committed to the Valentia bid.
Eircom has been involved in exclusive talks with Sir Anthony's Valentia consortium for more than a week.
Earlier, Mr O'Brien described his intervention as a "knock-out," offering euro 1.32 per share - a valuing the company at £3 billion.
The current fight for control of the company will see the eventual winner controlling Eircom’s coveted fixed-line business along with other services. Last month Eircom sold their mobile phone division to Vodafone.
PA